US authorities have formally defined key elements of a foreign bribery law, in an unusual move to help companies avoid violations at a time when regulators around the globe are increasingly scrutinising payments.
The US Department of Justice and the Securities and Exchange Commissionissued a joint 120-page report yesterday, clarifying what kind of payments would be considered illegal under the Foreign Corrupt Practices Act.
Under the guidance, paying for a foreign government official’s taxi fare does not constitute a bribe, while a paid “trip to Italy for eight Iraqi government officials that consisted primarily of sightseeing and included $1,000 in ‘pocket money’ for each official” would be deemed improper.
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